Personal loan is the most famous product in India. Many leading banks and NBFCs offer quick personal loan to their customers with low interest rates and easy approval process. Many lenders give approval on your personal loan as quick as within 48 hours*. But before you sign the final agreement of your personal loan, do ask these questions to yourself.

 

Is a personal loan the right option for me?

You take a personal loan to fulfill your personal or professional financial needs. You may require it to fund a wedding, pay medical bills, travel to your favorite destinations, to renovate your house or to use it as a working capital. But make sure whether you really require a personal loan or not. A personal loan is a solid financial commitment and once you get the funds, you have to pay them back eventually. If you don’t, it surely will affect your credit score badly and your future loan applications.

 

Is my loan tenure appropriate?

Banks and NBFCs offer personal loans with tenure ranging from 5 to 7 years. This tenure may seem smaller on paper, but remember it is huge. You will have to make your financial planning accordingly. You can always pre-pay your loan. But remember to take a flexible tenure to pay back your personal loan so that it won’t constrain your monthly financial budget.

 

Have I chosen the right interest rate?

The interest rate for personal loan changes from lender to lender. It’s decided as per the guidelines given by RBI (Reserve Bank of India) and their own policy terms. They offer two types of interest rate to their customers: fixed interest rate and floating interest rate. Understand the difference between these two interest rates and choose wisely. You can compare the interest rates for personal loan offered by various banks and NBFCs on Ruloans!

 

Have I chosen the right lender?

There are many banks and NBFCs who offer personal loan. Each has different interest rate, processing fees and minor differences in eligibility criteria. Each lender has their specific set of terms and conditions. Know them all before you choose one and get a personal loan from them. You can easily compare your options on Ruloans.

 

Am I aware of all the advantages on loan I am eligible for?

When you apply for a personal loan, know all the advantages you can avail. If you apply for a personal loan online on Ruloans, you stand a chance to win exciting travel and shopping voucher up to Rs. 2,55,000*. Ruloans also help you with your application free of cost! So apply for a personal loan today!